Personal Pension Scheme (PPS)

A Personal Pension Scheme (PPS), sometimes called a Personal Pension Plan (PPP) is an individual investment vehicle with the primary purpose of building a capital sum to provide retirement benefits, although it may also be used to provide death benefits.

Contributions under the PPS can start as early as 18 years of age, to build a high capital sum at maturity of the contract some 30 to 50 years away in case of plan for retirement.

Life Assurance Rider

The plan can be combined with a level term life assurance, which pays out a lump sum benefits if the policyholder dies at anytime within the policy or contribution period. 

Benefits

In the case of retirement, the cash accumulated is converted into a retirement annuity, guaranteed for at least 5 years.

The retirement annuity provides a periodical income up to the end of a given period (annuity certain) or in form of a pension until death.